If I buy a foreclosure does the bank take the responsibility of evicting the previous tenants or is it the responsibility of the new owner

Asked by Som, Morgan Hill, CA Sun Jun 24, 2012

and why are foreclosures cheaper by 100K-150K than the regular sale

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Mark Burns’ answer
Mark Burns, , Cupertino, CA
Mon Jun 25, 2012
You buy it, you own it, you get to do the eviction.

Foreclosures are cheaper because you take responsibility for a few extra things. I wouldn't say foreclosures are that much cheaper because there is always a balance in condition, repairs, etc.

Most folks don't understand all the ramifications of buying a distressed property until they've experienced it firsthand. You may like it and want to do it again and again or you might say it was a great learning experience that you don't want to go through twice.

Good luck,

Mark Burns, Realtor®
Coldwell Banker Elite - Top 2% Worldwide
President - PRDS, Contracts and Forms for Silicon Valley Residential Real Estate 2008-2012
DRE# 00896552 Licensed since 1985
Over 600 Homes Sold in Silicon Valley
Web Reference:  http://www.markburns.com
0 votes
Lee Schmidt, Agent, Morgan Hill, CA
Mon Jun 25, 2012
Hi Som,
There are three different way to buy foreclosures and each come with different benefits as well as issues.This is a lenghty topic and is best explained in person. Our office has handled over a hundred
foreclosure, preforeclosure or bank owned transactions so we certainly understand the various issues that can arise. Feel free to call us to discuss all of your options.
408 206 7702
0 votes
Norman Aless…, Agent, San Jose, CA
Mon Jun 25, 2012
Hi Som, what Terri has said is true, foreclosures are cheaper, but usually NOT that much cheaper and if they are there is a reason ie: the property needs extensive work ( usually to get it into liveable shape and it may be difficult to get a loan on it with the bank wanting an all cash offer). If there is a tenant on the property it will be in the contract that they remove the tennant prior to close of escrow, but every so often on the low priced homes YOU have to remove the tennant and believe me you do not want to get involved with evictions, courts, and getting the people out,
As I have mentioned on your other question I have the experience you may be looking for. Please feel free to contact me.
At your service,
Certified Distressed Property Expert
0 votes
Terri Vellios, Agent, Campbell, CA
Sun Jun 24, 2012
Are you talking about a short sale or a court house foreclosure?

No, it is not true that foreclosures are automatically cheaper by those amounts. Foreclosures come in all price ranges from $180,000 condos to million dollar homes.

I would be happy to discuss this with your further off line.
Web Reference:  http://www.terrivellios.com
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